This bill authorizes the Chariho Regional School District to issue general obligation bonds not exceeding $116 million to finance the construction, furnishing, and equipping of an elementary school serving the towns of Charlestown, Richmond, and Hopkinton, as well as improvements at the Switch Road Campus. The funds will cover various costs, including land acquisition, demolition, design, health and safety projects, playgrounds, landscaping, and paving. The issuance of these bonds is contingent upon receiving State School Housing Aid at a reimbursement rate of not less than 61%, which may increase to 65% upon project completion.

The bill also includes provisions regarding the procedures for issuing bonds and notes, including signing authority, the use of proceeds, and conditions for issuance. It specifies that the bonds will not be considered part of the debt of any individual town within the district for borrowing capacity purposes. Sections 13 and 14 of the act will take effect upon passage, while the remainder of the act will take effect upon approval by a majority of the electors in the regional school district.